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SAMA Regulatory Rulebook has no legal effect and it does not aim to amend or revoke any legal provisions. The Rulebook still Contains some documents under review, including translated versions. Therefore, SAMA Regulatory content circulated through SAMA official channels remains in force.
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The competent authority may take resolution procedures against any SIFI or its owners or creditors to achieve any of the following objectives:
1.
Protect the financial system and the financial sector in the Kingdom, and avoid and limit the impact of substantial adverse effects on their stability.
2.
Ensure the continuity of the critical activities of the SIFI under resolution.
3.
Reduce dependence on government support by relying on the resources and revenues of the financial institution.
4.
Protect deposits, client assets and funds, and rights arising from insurance policies.
5.
Protect settlement systems and ensure their stability.
